UK consumers are overwhelmingly open to sharing data with brands because they understand the value, according to data released by Ketch, the Trust by Design Platform for programmatic privacy and data stewardship.
Data from ‘The Person Behind the Data’ report commissioned by Ketch showed that 81% of consumers perceived a benefit when sharing their data with companies. The top three benefits these respondents showed were: receiving a benefit from the company (41%), having a personalised experience (40%) and learning about new products (37%).
The study, which surveyed 2,750 consumers, also revealed the types of data consumers are willing to exchange for specific benefits. Past purchases, demographics and entertainment habits were seen as the main details consumers were most willing to exchange for free samples or discounts. The least willing included personal financial information and content from emails and other platforms.
The study highlighted the vast majority of consumers (77%) are concerned with how their data is being garnered and used by the brands they engage with.
Russell Howe, Vice President EMEA, Ketch, said: “This should make interesting reading for many of the UK’s major brands – consumers are open to sharing their data, provided it is handled responsibly. More importantly, giving consumers transparency and control over their data only strengthens the relationship with brands. For too long, we have ignored the consumer perspective on data, and focused on regulatory compliance only. By understanding how consumers view privacy means brands can make better decisions going forward. Trust and transparency – that’s what really matters here. A blanket approach where consumers don’t have any knowledge or control over how data is used is wrong.”
Headquartered in the US and with a European HQ in London, Ketch’s privacy solutions enable organisations to adapt programmatically to fast-changing regulations while managing risk and cutting operational and privacy engineering costs by 80%.
‘The Person Behind the Data’ study surveyed 2750 respondents from a diverse representation across age, race/ethnicity, income, geographic location, and education. Ketch partnered with MAGNA to produce the study.
To view the report in full, visit The Person Behind the Data: Full UK Report.